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Rhythm Pharmaceuticals cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$3.1M in Q3 2026 · −$83.2M over twelve months

Operating cash flow−$3.1M
Free cash flow−$3.1M
Cash conversion cycle171 days

Analysis

In Q3 2026, Rhythm Pharmaceuticals generated −$3.1M of operating cash flow. That is $23.6M more than in Q3 2025 (−$26.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$81.8M; the largest uses were operating cash flow ($81.8M), net borrowing (+) / repaid (−) ($24.5M), other financing ($13.5M); besides operations, cash came from other investing ($86.8M), shares issued ($22.3M); the cash balance fell by $11.5M.

Operating cash flow was −$3.1M against net income of −$41.4M. The largest differences: stock-based pay +$25.0M, payables +$12.9M, prepaid and other assets −$3.4M.

Its cash conversion cycle was 171 days (receivables 40 + inventory 233 − payables 102).

Free cash flow

Rhythm Pharmaceuticals: free cash flow by quarterRhythm Pharmaceuticals: free cash flow by quarter−$18.8MQ4 2024−$40.4MQ1 2025−$23.3MQ2 2025−$26.6MQ3 2025−$26.3MQ4 2025−$44.2MQ1 2026−$9.2MQ2 2026−$3.1MQ3 2026
Operating cash flow less capital spending.
Rhythm Pharmaceuticals: operating cash flow against capital spendingRhythm Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$18.8M$0Q4 2024−$40.4M$0Q1 2025−$23.3M$0Q2 2025−$26.6M$0Q3 2025−$25.4M$953KQ4 2025−$44.2M$0Q1 2026−$9.2M$0Q2 2026−$3.1M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$3.1M, Capital spending $0.

Capital allocation, year by year

Rhythm Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearRhythm Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$146MFY2021: Shares issued $166MFY2021: Asset sales $7.0MFY2021: Capital spending −$434K$173MFY2021FY2022: Operating cash flow −$173MFY2022: Net borrowing $72.3MFY2022: Shares issued $141MFY2022: Capital spending −$281K$213MFY2022FY2023: Operating cash flow −$136MFY2023: Net borrowing $17.0MFY2023: Shares issued $56.3MFY2023: Capital spending −$47K$73.3MFY2023FY2024: Operating cash flow −$114MFY2024: Net borrowing −$12.9MFY2024: Shares issued $55.1M$55.1MFY2024FY2025: Operating cash flow −$116MFY2025: Net borrowing −$19.9MFY2025: Shares issued $47.6MFY2025: Capital spending −$953K$47.6MFY2025
Over these 5 years operating cash flow totalled −$685M; the largest uses were operating cash flow ($685M) and net borrowing ($32.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$321M
Debt$103M
Net cash$218M
Due within a year$14.8M
Cash runway3.9 years

Rhythm Pharmaceuticals is burning cash: its operations consume cash, a free cash flow of −$83.2M a year at the current rate against $321M of cash and investments: a runway of about 3.9 years; $14.8M of debt also comes due within a year, which the cash covers before any new financing.

Where the cash came from and went

Rhythm Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Rhythm Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$25.0MOther investing−$16.1MNet borrowing (+) / repaid (−)−$7.9MShares issued$6.7MTaxes on employees’ shares−$4.5MOperating cash flow−$3.1MOther financing−$551KExchange rates$461K
Rhythm Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Rhythm Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$86.8MOperating cash flow−$81.8MNet borrowing (+) / repaid (−)−$24.5MShares issued$22.3MOther financing−$13.5MCash drawn (+) / kept (−)$11.5MCapital spending−$1.5MExchange rates$756K

From profit to cash

Rhythm Pharmaceuticals: net income to operating cash flow, Q3 2026Rhythm Pharmaceuticals: net income to operating cash flow, Q3 2026Net income−$41.4MStock-based pay$25.0MOther non-cash$81KReceivables$1.3MInventory−$751KPayables$12.9MPrepaid and other assets−$3.4MOperating cash flow−$3.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202640233102171
Q2 202648301145204
Q1 202645342165222
Q4 202547458264242
Q3 202553343248148
Q2 202541313229126
Q1 202550469299220
Q4 202442396209229

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$3.1M—−$7.9M$6.7M$25.0M−$3.1M
Q2 2026−$9.2M—−$6.9M$7.0M−$3.5M−$9.2M
Q1 2026−$44.2M—−$4.3M$6.1M−$7.9M−$44.2M
Q4 2025−$25.4M−$953K−$5.4M$2.4M−$2.1M−$26.3M
Q3 2025−$26.6M—−$5.6M$5.5M$83.4M−$26.6M
Q2 2025−$23.3M—−$4.3M$3.4M−$29.6M−$23.3M
Q1 2025−$40.4M—−$4.6M$36.3M−$17.0M−$40.4M
Q4 2024−$18.8M—−$3.8M$3.0M−$41.6M−$18.8M

Rhythm Pharmaceuticals: income statement and cash flow

Rhythm Pharmaceuticals, Q3 2026: revenue $92.1M (+80% year over year), operating margin -42.6%. The chart follows the revenue to costs, profit and cash.

Rhythm Pharmaceuticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.